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UK retail sales increased at a faster pace than expected last month, numbers on Friday showed.
According to the Office for National Statistics, UK retail sales volumes surged 2.9% in May from April, topping the FXStreet cited consensus of a 1.5% rise. Sales had declined 1.8% in April from March. April’s outcome was upwardly revised from an initially-reported 2.3% decline.
On May’s reading, the ONS said: ‘Sales volumes rose across most sectors, with clothing retailers and furniture stores rebounding following poor weather in April. More broadly, sales volumes rose by 1.0% in the three months to May 2024 when compared with the previous three months. However, they fell by 0.2% when compared with the three months to May 2023.’
Year-on-year, retail sales rose 1.3% in May, defying expectations of a 0.9% decline, and improving markedly from a 2.3% slide in April.
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